Student Loan Borrowers Behind on Payments or in Collections
Share of adults with outstanding student loans for their own education who were behind on payments or in collections
What was the last verified Student Loan Borrowers Behind on Payments or in Collections reading?
In 2024, 20% of adults with student loans for their own education told the Federal Reserve Board's Survey of Household Economics and Decisionmaking that they were behind on payments or that the loans were in collections. Loans taken out for a child's or someone else's schooling are not counted. The survey asks U.S. adults about their finances once a year.
In 2024, 20% of student loan borrowers were behind on payments or in collections, the highest share since 2018.
Each year the Federal Reserve Board's Survey of Household Economics and Decisionmaking (SHED) asks adults about their finances, including any student loans for their own education. This measure counts the people who still owe on those loans and said they were behind on payments or that the loans were in collections. The last year the share was this high was 2018, when it was 20%.
This is a share of borrowers, counted as people. It does not measure how much borrowers owe, how large their required payments are, or what share of income goes to those payments.
The survey asks about loans for the respondent's own education. Loans taken out for a child's or someone else's schooling are not part of this share. The chart has no readings for 2020 and 2021.
SHED later changed to questions about recent payment difficulty. Those results are not added to this chart because they do not measure the same thing as the borrower-status series through 2024.
Explore Further
Student Loan Borrowers Behind on Payments or in Collections over time: what has changed?
Counties with the highest debt burden scores
These are debt burden scores from our County Distress Index, not county readings of Student Loan Borrowers Behind on Payments or in Collections.
Explore all 3,144 counties →| Period | Value | YoY Change |
|---|---|---|
| 2024 | 20% | +4 pp |
| 2023 | 16% | +1 pp |
| 2022 | 15% | — |
| 2019 | 17% | -3 pp |
| 2018 | 20% | — |
Frequently Asked Questions
What does the SHED student loan measure track?
It is the share of adults with outstanding student loans for their own education who told the survey they were behind on payments or in collections. The 2024 reading was 20%.
How has the share changed?
In 2024 the share was 20%, up from 16% in 2023. It is the highest share since 2018, when it was 20%.
How does this differ from the New York Fed student loan delinquency rate?
SHED reports the share of borrowers who say they are behind on payments or in collections. The Federal Reserve Bank of New York reports the share of outstanding student loan balances that are seriously delinquent. The two use different denominators, people versus dollars, and are not interchangeable.
Where does this data come from?
The Federal Reserve Board publishes the Survey of Household Economics and Decisionmaking (SHED) once a year. It surveys a nationally representative sample of U.S. adults about their financial lives.
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